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On October 21, the GBP/USD pair was demonstrating an ascending wedge reversal pattern while approaching the depicted SUPPLY-zone (1.2980-1.3000).
For the following few days, the GBP/USD pair has failed to achieve a persistent bullish breakout above the depicted SUPPLY-zone (1.2980-1.3000) which corresponded to a previous Prominent-TOP that goes back to May 2019.
Thus, a high probability of bearish reversal existed around the mentioned price zone. Hence, a quick bearish movement was initiated towards 1.2780 (Key-Level) where bullish recovery was demonstrated on two consecutive visits.
That's why, the GBP/USD pair has been trapped between the mentioned price levels (1.2780-1.3000) until Last week on Wednesday when bullish breakout above 1.3000 was achieved.
Moreover, a newly-established short-term bullish channel was initiated on the chart. In which, the GBPUSD has recently hit the price level of 1.3500.
Technical outlook remains bullish as long as consolidations are maintained above 1.3170-1.3190 on the H4 chart.
On the other hand, the GBPUSD has recently exceeded the upper limit of the depicted bullish channel on its way towards 1.3500 where the pair looked quite overpriced.
Moreover, this was followed by successive bearish-engulfing H4 candlesticks which brought the pair back towards 1.3300 quickly.
That's why, further bearish decline should be expected towards 1.3170-1.3190 where price action should be considered for a possible BUY entry.
On the other hand, Bearish closure below 1.3170 (Key-level) is mandatory before short-term outlook can turn into bearish again.
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